JB Hi-Fi boss to retire

 

jbhifiJB Hi-Fi boss, Terry Smart, will retire in August after 14 years with the electronics retailer.

He will be replaced by the retailer’s CFO Richard Murray.

Smart said he was looking forward to spending more time with his family after nearly 30 years in the retail industry.

He said the company, which has been one of the retail sector’s strongest performers in recent years, was well positioned for future growth.

“After 14 years with JB Hi-Fi it was a hard decision to make,” he said.

“But the decision is made easier because the company is in a strong position.

“With great growth opportunities ahead, combined with the best retail management team in the market, I know the company will continue to see long term success.”

Murray, who has been the company’s chief financial officer for ten years, said he would look to continue the company’s expansion.

“We have many opportunities to grow the business as we continue the store roll out, expand JB Hi-Fi Home, further develop our online and digital platform and build our commercial and education division,” he said.

Meanwhile, JB Hi-Fi has reaffirmed its full year guidance for a net profit of between $126 million and $129 million in 2013/14, a rise of up to 11 per cent on the previous year.

It expects total sales growth of between six and eight per cent.

The retailer recorded comparable sales growth of three per cent in three months to the end of March, while total sales, which includes the impact of new stores, grew by 5.7 per cent.

It has opened eight new stores so far this financial year, while 19 stores have been converted to include the new homewares division.
The move into homewares appears to be paying off for the company, with sales growth of 12.2 per cent at the converted JB Hi-Fi HOME stores during the March quarter.

JB Hi-Fi shares were up four cents at $20.84 at 1202 AEST.

AAP

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